SLM Private Credit Student Loan Trust 2003-A
Quarterly Servicing Report
Report Date: 8/31/2004 Reporting Period: 6/1/04-8/31/04
I. Deal Parameters
Student Loan Portfolio Characteristics | 5/31/2004 | Activity | 8/31/2004 | |||||||||||||
A | i | Portfolio Balance | $ | 915,463,207.98 | ($11,374,709.50 | ) | $ | 904,088,498.48 | ||||||||
ii | Interest to be Capitalized | 40,397,122.73 | 37,997,502.05 | |||||||||||||
iii | Total Pool | $ | 955,860,330.71 | $ | 942,086,000.53 | |||||||||||
iv | Cash Capitalization Account (CI) | 58,502,550.00 | 58,502,550.00 | |||||||||||||
v | Asset Balance | $ | 1,014,362,880.71 | $ | 1,000,588,550.53 | |||||||||||
i | Weighted Average Coupon (WAC) | 4.790 | % | 4.857 | % | |||||||||||
ii | Weighted Average Remaining Term | 168.98 | 167.74 | |||||||||||||
iii | Number of Loans | 115,486 | 113,715 | |||||||||||||
iv | Number of Borrowers | 73,339 | 72,341 | |||||||||||||
vi | Prime Loans Outstanding | $ | 702,253,552 | $ | 699,259,240 | |||||||||||
vii | T-bill Loans Outstanding | $ | 248,731,435 | $ | 238,441,376 | |||||||||||
viii | Fixed Loans Outstanding | $ | 4,875,344 | $ | 4,385,384 | |||||||||||
% of | % of | |||||||||||||||||||||||||||
Notes | Cusips | Spread | Balance 6/15/04 | O/S Securities | Balance 9/15/04 | O/S Securities | ||||||||||||||||||||||
B | i | A-1 Notes | 78443CAE4 | 0.110 | % | $ | 437,453,226.13 | 44.050 | % | $ | 423,678,895.95 | 43.263 | % | |||||||||||||||
ii | A-2 Notes | 78443CAF1 | 0.440 | % | 320,000,000.00 | 32.223 | % | 320,000,000.00 | 32.676 | % | ||||||||||||||||||
iii | A-3 ARS | 78443CAJ3 | ARS | 76,600,000.00 | 7.713 | % | 76,600,000.00 | 7.822 | % | |||||||||||||||||||
iv | A-4 ARS | 78443CAK0 | ARS | 76,600,000.00 | 7.713 | % | 76,600,000.00 | 7.822 | % | |||||||||||||||||||
v | B Notes | 78443CAG9 | 0.750 | % | 34,570,000.00 | 3.481 | % | 34,570,000.00 | 3.530 | % | ||||||||||||||||||
vi | C Notes | 78443CAH7 | 1.600 | % | 47,866,000.00 | 4.820 | % | 47,866,000.00 | 4.888 | % | ||||||||||||||||||
vii | Total Notes | $ | 993,089,226.13 | 100.000 | % | $ | 979,314,895.95 | 100.000 | % | |||||||||||||||||||
6/15/2004 | 9/15/2004 | |||||||||||
C | i | Reserve Account Balance ($) | $ | 2,512,950.00 | $ | 2,512,950.00 | ||||||
ii | Cash Capitalization Acct Balance ($) | $ | 58,502,550.00 | $ | 58,502,550.00 | |||||||
iii | Initial Asset Balance | $ | 1,063,682,728.92 | $ | 1,063,682,728.92 | |||||||
iv | Specified Overcollateralization Amount | $ | 21,273,654.58 | $ | 21,273,654.58 | |||||||
v | Has the Stepdown Date Occurred?* | No | No | |||||||||
* | The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or March 17, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date. |
1
II. 2003-A Transactions from: 6/1/2004 through: 8/31/2004
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 17,543,474.92 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 1,539,447.39 | ||||||
iii | Other Servicer Reimbursements | 1,435.46 | ||||||
iv | Seller Reimbursements | 24,274.87 | ||||||
v | Total Principal Collections | $ | 19,108,632.64 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (7,272,975.84 | ) | |||||
iii | Capitalized Insurance Fee | (433,015.33 | ) | |||||
iv | Other Adjustments | (27,931.97 | ) | |||||
v | Total Non-Cash Principal Activity | $ | (7,733,923.14 | ) | ||||
C | Total Student Loan Principal Activity | $ | 11,374,709.50 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 5,977,573.14 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 53,213.19 | ||||||
iii | Other Servicer Reimbursements | 0.01 | ||||||
iv | Seller Reimbursements | 1,714.22 | ||||||
v | Late Fees | 76,828.01 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 6,109,328.57 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 7,272,975.84 | ||||||
iii | Other Interest Adjustments | 3,761.68 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 7,276,737.52 | |||||
F | Total Student Loan Interest Activity | $ | 13,386,066.09 | |||||
2
III. 2003-A Collection Account Activity 6/1/2004 through: 8/31/2004
A | Principal Collections | |||||||||
i | Principal Payments Received | $ | 17,180,826.89 | |||||||
ii | Consolidation Principal Payments | 362,648.03 | ||||||||
iii | Purchases by Servicer (Delinquencies >180) | 1,539,447.39 | ||||||||
iv | Reimbursements by Seller | 0.00 | ||||||||
v | Reimbursements by Servicer | 1,435.46 | ||||||||
vi | Other Re-purchased Principal | 24,274.87 | ||||||||
B | vii | Total Principal Collections | $ | 19,108,632.64 | ||||||
Interest Collections | ||||||||||
i | Interest Payments Received | $ | 5,976,245.64 | |||||||
ii | Consolidation Interest Payments | 1,327.50 | ||||||||
iii | Purchases by Servicer (Delinquencies >180) | 53,213.19 | ||||||||
iv | Reimbursements by Seller | 0.00 | ||||||||
v | Reimbursements by Servicer | 0.01 | ||||||||
vi | Other Re-purchased Interest | 1,714.22 | ||||||||
viii | Collection Fees/Return Items | 0.00 | ||||||||
ix | Late Fees | 76,828.01 | ||||||||
x | Total Interest Collections | $ | 6,109,328.57 | |||||||
C | Recoveries on Realized Losses | $ | — | |||||||
D | Amount from Cash Capitalizaton Account | $ | — | |||||||
E | Funds Borrowed from Next Collection Period | $ | — | |||||||
F | Funds Repaid from Prior Collection Periods | $ | — | |||||||
G | Investment Income | $ | 222,499.83 | |||||||
H | Borrower Incentive Reimbursements | $ | 112,641.76 | |||||||
I | Interest Rate Cap Proceeds | $ | — | |||||||
I | Gross Swap Receipt | $ | 2,727,864.90 | |||||||
TOTAL FUNDS RECEIVED | $ | 28,280,967.70 | ||||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||||
i | Funds Allocated to the Future Distribution Account | $ | (5,417,855.60 | ) | ||||||
ii | Funds Released from the Future Distribution Account | $ | 3,747,865.71 | |||||||
J | TOTAL AVAILABLE FUNDS | $ | 26,610,977.81 | |||||||
K | Servicing Fees Due for Current Period | $ | 530,514.95 | |||||||
L | Carryover Servicing Fees Due | $ | — | |||||||
M | Administration Fees Due | $ | 20,000.00 | |||||||
N | Total Fees Due for Period | $ | 550,514.95 | |||||||
3
IV. 2003-A Future Distribution Account Activity
A | Account Reconciliation | |||||||||||
i | Beginning Balance | 6/15/2004 | $ | 1,746,405.44 | ||||||||
ii | Total Allocations for Distribution Period | $ | 3,671,450.15 | |||||||||
iii | Total Payments for Distribution Period | $ | (1,669,989.88 | ) | ||||||||
iv | Funds Released to the Collection Account | $ | (3,747,865.71 | ) | ||||||||
v | Total Balance Prior to Current Month Allocations | $ | — | |||||||||
vi | Ending Balance | 9/15/2004 | $ | 1,822,906.61 | ||||||||
B | Monthly Allocations to the Future Distribution Account | |||||||||||
Monthly Allocation Date | 6/15/2004 | |||||||||||
i | Primary Servicing Fees | $ | 536,632.19 | |||||||||
ii | Admin fees | $ | 6,666.66 | |||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 26,618.50 | |||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,176,488.09 | |||||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||||
vi | Balance as of | 6/15/2004 | $ | 1,746,405.44 | ||||||||
Monthly Allocation Date | 7/15/2004 | |||||||||||
i | Primary Servicing Fees | $ | 534,020.20 | |||||||||
ii | Admin fees | $ | 6,666.66 | |||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 28,393.07 | |||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,300,656.46 | |||||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||||
vi | Total Allocations | $ | 1,869,736.39 | |||||||||
Monthly Allocation Date | 8/15/2004 | |||||||||||
i | Primary Servicing Fees | $ | 533,578.77 | |||||||||
ii | Admin fees | $ | 6,666.66 | |||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 26,618.50 | |||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,234,849.83 | |||||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||||
vi | Total Allocations | $ | 1,801,713.76 | |||||||||
C | Total Future Distribution Account Deposits Previously Allocated | $ | 5,417,855.60 | |||||||||
D | Current Month Allocations | 9/15/2004 | ||||||||||
i | Primary Servicing | $ | 530,514.95 | |||||||||
ii | Admin fees | $ | 6,666.66 | |||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 26,618.50 | |||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,259,106.50 | |||||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||||
vi | Allocations on the Distribution Date | $ | 1,822,906.61 |
4
V. 2003-A Auction Rate Security Detail
A | Auction Rate Securities Paid During Collection Period | |||||||||||||||||||||||
i | Payment | Security | Interest | No. of | ||||||||||||||||||||
Date | Description | Rate | Days | Start Date | End Date | Interest Payment | ||||||||||||||||||
07/08/2004 | SLMPC TRUST 2003A A3 | 1.370000 | % | 28 | 06/10/2004 | 07/08/2004 | 81,621.56 | |||||||||||||||||
08/05/2004 | SLMPC TRUST 2003A A3 | 1.520000 | % | 28 | 07/08/2004 | 08/05/2004 | 90,558.22 | |||||||||||||||||
09/02/2004 | SLMPC TRUST 2003A A3 | 1.670000 | % | 28 | 08/05/2004 | 09/02/2004 | 99,494.89 | |||||||||||||||||
06/23/2004 | SLMPC TRUST 2003A A4 | 1.350000 | % | 28 | 05/26/2004 | 06/23/2004 | 80,430.00 | |||||||||||||||||
07/21/2004 | SLMPC TRUST 2003A A4 | 1.430000 | % | 28 | 06/23/2004 | 07/21/2004 | 85,196.22 | |||||||||||||||||
08/18/2004 | SLMPC TRUST 2003A A4 | 1.520000 | % | 28 | 07/21/2004 | 08/18/2004 | 90,558.22 | |||||||||||||||||
09/15/2004 | SLMPC TRUST 2003A A4 | 1.700000 | % | 28 | 08/18/2004 | 09/15/2004 | 101,282.22 | |||||||||||||||||
ii | Auction Rate Security Payments Made During Collection Period | 6/15/04-9/15/04 | $ | 629,141.33 | ||||||||||||||||||||
iii | Broker/Dealer Fees Paid During Collection Period | 6/15/04-9/15/04 | $ | 83,408.92 | ||||||||||||||||||||
iv | Auction Agent Fees Paid During Collection Period | 6/15/04-9/15/04 | $ | 3,544.87 | ||||||||||||||||||||
v | Primary Servicing Fees Remitted | $ | 1,067,598.97 | |||||||||||||||||||||
vi | Total | $ | 1,783,694.09 | |||||||||||||||||||||
- Less: Auction Rate Security Interest Payments due on the Distribution Date | $ | (101,282.22 | ) | |||||||||||||||||||||
- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date | $ | (506.41 | ) | |||||||||||||||||||||
- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date | $ | (11,915.56 | ) | |||||||||||||||||||||
B | Total Payments Out of Future Distribution Account During Collection Period | $ | 1,669,989.88 | |||||||||||||||||||||
C | Funds Released to Collection Account | $ | 3,747,865.71 | |||||||||||||||||||||
D | Auction Rate Student Loan Rates | Jun-04 | Jul-04 | Aug-04 | ||||||||||||||||||||
3.82754% | 3.82744% | 3.88644% |
5
VI. 2003-A Loss and Recovery Detail 8/31/2004
A | i | Cumulative Realized Losses Test | % of Original Pool | 5/31/2004 | 8/31/2004 | |||||||||||
June 16, 2003 to March 17, 2008 | 15 | % | $ | 150,777,026.84 | $ | 150,777,026.84 | ||||||||||
June 16, 2008 to March 15, 2011 | 18 | % | ||||||||||||||
June ,15, 2011 and thereafter | 20 | % | ||||||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | 0.00 | $ | 0.00 | |||||||||||
iii | Is Test Satisfied (ii < i)? | Yes | ||||||||||||||
B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||||
ii | Principal Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
iii | Interest Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
iv | Late Fees and Collection Costs Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
v | Total Recoveries for Period | $ | 0.00 | $ | 0.00 | |||||||||||
C | i | Gross Defaults: | ||||||||||||||
ii | Cumulative Principal Purchases by Servicer | $ | 2,131,996.54 | $ | 3,671,443.93 | |||||||||||
iii | Cumulative Interest Purchases by Servicer | $ | 66,994.57 | $ | 120,207.76 | |||||||||||
iv | Total Gross Defaults: | $ | 2,198,991.11 | $ | 3,791,651.69 |
6
VII. 2003-A Portfolio Characteristics
Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
STATUS | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 4.703 | % | 4.707 | % | 23,706 | 18,730 | 20.527 | % | 16.471 | % | $ | 188,203,023.73 | $ | 147,388,178.18 | 20.558 | % | 16.302 | % | ||||||||||||||||||||||
Grace | 4.744 | % | 4.695 | % | 11,965 | 12,580 | 10.361 | % | 11.063 | % | $ | 98,175,537.33 | $ | 105,891,352.31 | 10.724 | % | 11.712 | % | ||||||||||||||||||||||
Deferment | 5.013 | % | 5.025 | % | 4,598 | 4,965 | 3.981 | % | 4.366 | % | $ | 37,441,040.14 | $ | 41,151,047.79 | 4.090 | % | 4.552 | % | ||||||||||||||||||||||
TOTAL INTERIM | 4.751 | % | 4.747 | % | 40,269 | 36,275 | 34.869 | % | 31.900 | % | $ | 323,819,601.20 | $ | 294,430,578.28 | 35.372 | % | 32.567 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 4.722 | % | 4.816 | % | 64,505 | 65,157 | 55.855 | % | 57.299 | % | $ | 492,053,997.54 | $ | 494,980,569.82 | 53.749 | % | 54.749 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 5.339 | % | 5.367 | % | 1,016 | 1,458 | 0.880 | % | 1.282 | % | $ | 8,685,841.83 | $ | 12,250,643.32 | 0.949 | % | 1.355 | % | ||||||||||||||||||||||
61-90 Days Delinquent | 5.592 | % | 5.636 | % | 510 | 834 | 0.442 | % | 0.733 | % | $ | 3,939,800.98 | $ | 7,063,786.82 | 0.430 | % | 0.781 | % | ||||||||||||||||||||||
91-120 Days Delinquent | 5.941 | % | 6.598 | % | 394 | 380 | 0.341 | % | 0.334 | % | $ | 3,534,047.31 | $ | 3,116,449.49 | 0.386 | % | 0.345 | % | ||||||||||||||||||||||
121-150 Days Delinquent | 5.795 | % | 6.129 | % | 247 | 233 | 0.214 | % | 0.205 | % | $ | 2,162,981.02 | $ | 2,015,646.17 | 0.236 | % | 0.223 | % | ||||||||||||||||||||||
151-180 Days Delinquent | 5.892 | % | 5.664 | % | 104 | 98 | 0.090 | % | 0.086 | % | $ | 925,116.53 | $ | 823,643.53 | 0.101 | % | 0.091 | % | ||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
Forbearance | 5.179 | % | 5.215 | % | 8,441 | 9,280 | 7.309 | % | 8.161 | % | $ | 80,341,821.57 | $ | 89,407,181.05 | 8.776 | % | 9.889 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 4.812 | % | 4.909 | % | 75,217 | 77,440 | 65.131 | % | 68.100 | % | $ | 591,643,606.78 | $ | 609,657,920.20 | 64.628 | % | 67.433 | % | ||||||||||||||||||||||
GRAND TOTAL | 4.790 | % | 4.857 | % | 115,486 | 113,715 | 100.000 | % | 100.000 | % | $ | 915,463,207.98 | $ | 904,088,498.48 | 100.000 | % | 100.000 | % |
* | Percentages may not total 100% due to rounding | |
** | PRIOR QUARTER DATA HAS BEEN REVISED |
7
VIII. 2003-A Portfolio Characteristics by School and Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
-Signature Loans | 4.862 | % | 77,182 | $ | 647,737,026.68 | 71.645 | % | |||||||||
-Law Loans | 4.815 | % | 28,464 | $ | 177,543,696.80 | 19.638 | % | |||||||||
-Med Loans | 5.151 | % | 4,798 | $ | 36,906,848.46 | 4.082 | % | |||||||||
-MBA Loans | 4.562 | % | 3,271 | $ | 41,900,926.54 | 4.635 | % | |||||||||
- Total | 4.857 | % | 113,715 | $ | 904,088,498.48 | 100.000 | % |
* Percentages may not total 100% due to rounding
8
IX. 2003-A Interest Rate Swap and Cap Calculations
A | Swap Payments | |||||||||||||||
Counterparty A | Counterparty B | |||||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | 351,126,776 | $ | 351,126,776 | ||||||||||||
Counterparty Pays: | ||||||||||||||||
ii | 3 Month Libor | 1.52000 | % | 1.52000 | % | |||||||||||
iii | Gross Swap Receipt Due Trust | $ | 1,363,932.45 | $ | 1,363,932.45 | |||||||||||
iv | Days in Period | 6/15/2004 | 9/15/2004 | 92 | 92 | |||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||||
v | Prime Rate (WSJ) Less | 2.6100 | % | 1.39000 | % | 1.39000 | % | |||||||||
vi | Gross Swap Payment Due Counterparty | $ | 1,226,833.12 | $ | 1,226,833.12 | |||||||||||
vii | Days in Period | 6/15/2004 | 9/15/2004 | 92 | 92 | |||||||||||
B | Cap Payments | |||||||||||||||
Cap Calculation | ||||||||||||||||
i | Notional Swap Amount | $ | 620,000,000.00 | |||||||||||||
ii | Maturity Date | 3/15/2006 | ||||||||||||||
Counterparty Pays: | ||||||||||||||||
iii | 3 Month Libor (interpolated for first accrual period) | 1.52000 | % | |||||||||||||
iv | Cap Rate | 5.50000 | % | |||||||||||||
v | Excess (if any) of Libor over Cap Rate (ii-iii) | 0.00000 | % | |||||||||||||
vi | Days in Period | 6/15/2004 | 9/15/2004 | 92 | ||||||||||||
vii | Cap Payment due Trust | $ | — |
X. 2003-A Accrued Interest Factors
Accrued | ||||||||||
Int Factor | Accrual Period | Rate | ||||||||
A | Class A-1 Interest Rate | 0.004165556 | (6/15/04-9/15/04) | 1.63000 | % | |||||
B | Class A-2 Interest Rate | 0.005008889 | (6/15/04-9/15/04) | 1.96000 | % | |||||
C | Class A-4 Interest Rate | 0.001322222 | (8/18/04-9/15/04) | 1.70000 | % | |||||
D | Class B Interest Rate | 0.005801111 | (6/15/04-9/15/04) | 2.27000 | % | |||||
E | Class C Interest Rate | 0.007973333 | (6/15/04-9/15/04) | 3.12000 | % |
9
XI. 2003-A Inputs From Prior Data 5/31/04
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||
i | Portfolio Balance | $ | 915,463,207.98 | |||||||||||||||||||||||||
ii | Interest To Be Capitalized | 40,397,122.73 | ||||||||||||||||||||||||||
iii | Total Pool | $ | 955,860,330.71 | |||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 58,502,550.00 | ||||||||||||||||||||||||||
v | Asset Balance | $ | 1,014,362,880.71 | |||||||||||||||||||||||||
B | Total Note and Certificate Factor | 0.94068640838 | ||||||||||||||||||||||||||
C | Total Note Balance | $ | 993,089,226.13 | |||||||||||||||||||||||||
D | Note Balance 6/15/2004 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||
i | Current Factor | 0.8747822332 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | |||||||||||||||||||||
ii | Expected Note Balance | $ | 437,453,226.13 | $ | 320,000,000.00 | $ | 76,600,000.00 | $ | 76,600,000.00 | $ | 34,570,000.00 | $ | 47,866,000.00 | |||||||||||||||
F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
H | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | |||||||||||||||||||||||||
I | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||||||||||||||
J | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 |
10
XII. 2003-A Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||||||
Notes Outstanding | 06/15/04 | $ | 910,653,226 | $ | 945,223,226 | $ | 993,089,226 | |||||||||||||
Asset Balance | 5/31/04 | $ | 1,014,362,881 | $ | 1,014,362,881 | $ | 1,014,362,881 | |||||||||||||
Pool Balance | 8/31/04 | $ | 942,086,001 | $ | 942,086,001 | $ | 942,086,001 | |||||||||||||
Amounts on Deposit* | 9/15/04 | 78,570,562 | 78,370,018 | 77,988,366 | ||||||||||||||||
Total | $ | 1,020,656,563 | $ | 1,020,456,018 | $ | 1,020,074,367 | ||||||||||||||
Are the Notes in Excess of the Asset Balance? | No | No | No | |||||||||||||||||
Are the Notes in Excess of the Pool + Amounts on Deposit? | No | No | No | |||||||||||||||||
Are the Notes Parity Triggers in Effect? | No | No | No | |||||||||||||||||
Class A Enhancement | $ | 103,709,654.58 | ||||||||||||||||||
Specified Class A Enhancement | $ | 150,088,282.58 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class B Enhancement | $ | 69,139,654.58 | ||||||||||||||||||
Specified Class B Enhancement | $ | 101,309,590.74 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class C Enhancement | $ | 21,273,654.58 | ||||||||||||||||||
Specified Class C Enhancement | $ | 30,017,656.52 | The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount |
* | Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C |
11
XIII. 2003-A Principal Distribution Calculations
Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below): | ||||||||||||
i | Is the Class A Note Parity Trigger in Effect? | No | ||||||||||
ii | Aggregate A Notes Outstanding | 6/15/2004 | $ | 910,653,226.13 | ||||||||
iii | Asset Balance | 8/31/2004 | $ | 1,000,588,550.53 | ||||||||
iv | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||||
vi | Aggregate A and B Notes Outstanding | 6/15/2004 | $ | 945,223,226.13 | ||||||||
vii | Asset Balance | 8/31/2004 | $ | 1,000,588,550.53 | ||||||||
viii | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
ix | Second Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||||
xi | Aggregate A, B and C Notes Outstanding | 6/15/2004 | $ | 993,089,226.13 | ||||||||
xii | Asset Balance | 8/31/2004 | $ | 1,000,588,550.53 | ||||||||
xiii | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
xiv | Second Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
xv | Third Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
Regular Principal Distribution | ||||||||||||
i | Aggregate Notes Outstanding | 6/15/2004 | $ | 993,089,226.13 | ||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,000,588,550.53 | ||||||||
iii | Specified Overcollateralization Amount | 9/15/2004 | $ | 21,273,654.58 | ||||||||
iv | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
v | Second Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
vi | Third Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
vii | Regular Principal Distribution Amount | $ | 13,774,330.18 | |||||||||
Class A Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,000,588,550.53 | ||||||||
iii | 85% of Asset Balance | 8/31/2004 | $ | 850,500,267.95 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 21,273,654.58 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 850,500,267.95 | |||||||||
vi | Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | 13,774,330.18 | |||||||||
vii | Class A Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — | |||||||||
Class B Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,000,588,550.53 | ||||||||
iii | 89.875% of Asset Balance | 8/31/2004 | $ | 899,278,959.79 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 21,273,654.58 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 899,278,959.79 | |||||||||
vi | Class B Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||||||
vii | Class B Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — | |||||||||
Class C Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,000,588,550.53 | ||||||||
iii | 97% of Asset Balance | 8/31/2004 | $ | 970,570,894.01 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 21,273,654.58 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 970,570,894.01 | |||||||||
vi | Class C Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||||||
vii | Class C Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — |
12
XIV. 2003-A Waterfall for Distributions
Remaining | ||||||||||||||||
Funds Balance | ||||||||||||||||
A | Total Available Funds ( Sections III-J ) | $ | 26,610,977.81 | $ | 26,610,977.81 | |||||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 530,514.95 | $ | 26,080,462.86 | |||||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 26,060,462.86 | |||||||||||
D | Auction Fees Due | 9/15/2004 | $ | 506.41 | $ | 26,059,956.44 | ||||||||||
Broker/Dealer Fees Due | 9/15/2004 | $ | 11,915.56 | $ | 26,048,040.89 | |||||||||||
E | Gross Swap Payment due Counterparty A | $ | 1,226,833.12 | $ | 24,821,207.77 | |||||||||||
Gross Swap Payment due Counterparty B | $ | 1,226,833.12 | $ | 23,594,374.64 | ||||||||||||
F | i | Class A-1 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 1,822,235.72 | $ | 21,772,138.93 | |||||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 1,602,844.44 | $ | 20,169,294.48 | ||||||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 0.00 | $ | 20,169,294.48 | ||||||||||
iv | Class A-4 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 101,282.22 | $ | 20,068,012.26 | ||||||||||
v | Swap Termination Fees due | 9/15/2004 | $ | 0.00 | $ | 20,068,012.26 | ||||||||||
G | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 20,068,012.26 | |||||||||||
H | Class B Noteholders’ Interest Distribuition Amount due | 9/15/2004 | $ | 200,544.41 | $ | 19,867,467.85 | ||||||||||
I | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 19,867,467.85 | |||||||||||
J | Class C Noteholders’ Interest Distribuition Amount | $ | 381,651.57 | $ | 19,485,816.28 | |||||||||||
K | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 19,485,816.28 | |||||||||||
L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 19,485,816.28 | |||||||||||
M | Regular Principal Distribution Amount — Principal Distribution Account | $ | 13,774,330.18 | $ | 5,711,486.10 | |||||||||||
N | Carryover Servicing Fees | $ | 0.00 | $ | 5,711,486.10 | |||||||||||
O | Auction Rate Noteholder’s Interest Carryover | |||||||||||||||
i | Class A-3 | $ | 0.00 | $ | 5,711,486.10 | |||||||||||
ii | Class A-4 | $ | 0.00 | $ | 5,711,486.10 | |||||||||||
P | Swap Termination Payments | $ | 0.00 | $ | 5,711,486.10 | |||||||||||
Q | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 5,711,486.10 | |||||||||||
R | Remaining Funds to the Certificateholders | $ | 5,711,486.10 | $ | 0.00 |
XV. 2003-A Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 13,774,330.18 | $ | 13,774,330.18 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 13,774,330.18 | $ | 0.00 | ||||||
ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Class A-3 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | |||||||||
iv | Class A-4 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | |||||||||
C | Class B Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
D | Class C Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
E | Remaining Class C Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
F | Remaining Class B Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
G | i | Remaining Class A-1 Distribution Paid | $ | 0.00 | $ | 0.00 | ||||||
ii | Remaining Class A-2 Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Remaining Class A-3 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||
iv | Remaining Class A-4 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 |
13
XVI. 2003-A Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||||
i | Quarterly Interest Due | $ | 1,822,235.72 | $ | 1,602,844.44 | $ | 0.00 | $ | 101,282.22 | $ | 200,544.41 | $ | 381,651.57 | |||||||||||||||||
ii | Quarterly Interest Paid | 1,822,235.72 | 1,602,844.44 | 0.00 | 101,282.22 | 200,544.41 | 381,651.57 | |||||||||||||||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
vii | Quarterly Principal Distribution Amount | $ | 13,774,330.18 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
viii | Quarterly Principal Paid (or allocated) | 13,774,330.18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
ix | Difference | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
x | Total Distribution Amount | $ | 15,596,565.90 | $ | 1,602,844.44 | $ | 0.00 | $ | 101,282.22 | $ | 200,544.41 | $ | 381,651.57 | |||||||||||||||||
B | Note Balances | 6/15/2004 | Paydown Factors | 9/15/2004 | ||||||||||||||||||||||||||
i | A-1 Note Balance | 78433CAE4 | $ | 437,453,226.13 | $ | 423,678,895.95 | ||||||||||||||||||||||||
A-1 Note Pool Factor | 0.8747822332 | 0.0275447490 | 0.8472374842 | |||||||||||||||||||||||||||
ii | A-2 Note Balance | 78443CAF1 | $ | 320,000,000.00 | $ | 320,000,000.00 | ||||||||||||||||||||||||
A-2 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||
Balances | Next ARS Pay Date | |||||||||||||||||||||||||||||
ii | A-3 Note Balance | 78443CAJ3 | $ | 76,600,000.00 | $ | 76,600,000.00 | $ | 76,600,000.00 | 09/30/04 | |||||||||||||||||||||
A-3 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | 1.000000000 | ||||||||||||||||||||||||||
ii | A-4 Note Balance | 78443CAK0 | $ | 76,600,000.00 | 76,600,000.00 | $ | 76,600,000.00 | 10/13/04 | ||||||||||||||||||||||
A-4 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | 1.000000000 | ||||||||||||||||||||||||||
iii | B Note Balance | 78443CAG9 | $ | 34,570,000.00 | $ | 34,570,000.00 | ||||||||||||||||||||||||
B Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||
iv | C Note Balance | 78443CAH7 | $ | 47,866,000.00 | $ | 47,866,000.00 | ||||||||||||||||||||||||
C Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 |
14
XVII. 2003-A Historical Pool Information
6/1/04-8/31/04 | 3/1/04-5/31/04 | 12/1/03-2/29/04 | 09/01/03-11/30/03 | 06/01/03-08/31/03 | 01/27/03-05/31/03 | |||||||||||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 915,463,257.97 | $ | 929,674,498.23 | $ | 939,963,063.42 | $ | 941,931,312.31 | $ | 950,860,882.57 | $ | 965,794,008.71 | ||||||||||||||||
Student Loan Principal Activity | ||||||||||||||||||||||||||||
i | Principal Payments Received | $ | 17,543,474.92 | $ | 16,672,468.03 | $ | 16,674,807.08 | $ | 15,842,825.30 | $ | 14,621,918.82 | $ | 19,739,960.28 | |||||||||||||||
ii | Purchases by Servicer (Delinquencies >180) | 1,539,447.39 | 788,272.01 | 737,588.04 | 173,809.48 | 353,324.27 | 79,002.74 | |||||||||||||||||||||
iii | Other Servicer Reimbursements | 1,435.46 | 29,348.00 | 44.51 | 724.31 | 885.93 | 41.49 | |||||||||||||||||||||
iv | Seller Reimbursements | 24,274.87 | 121,227.33 | 19,179.46 | 25,606.76 | 49,467.03 | 134,675.22 | |||||||||||||||||||||
v | Total Principal Collections | $ | 19,108,632.64 | $ | 17,611,315.37 | $ | 17,431,619.09 | $ | 16,042,965.85 | $ | 15,025,596.05 | $ | 19,953,679.73 | |||||||||||||||
Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
ii | Capitalized Interest | (7,272,975.84 | ) | (3,281,180.36 | ) | (6,549,770.46 | ) | (12,602,082.87 | ) | (5,599,582.19 | ) | (4,391,385.55 | ) | |||||||||||||||
iii | Capitalized Insurance Fee | ($433,015.33 | ) | ($121,505.97 | ) | ($571,102.55 | ) | ($1,467,684.39 | ) | ($554,812.95 | ) | ($458,815.65 | ) | |||||||||||||||
iv | Other Adjustments | (27,931.97 | ) | 2,611.22 | (22,180.89 | ) | (4,949.70 | ) | 58,369.35 | (170,352.39 | ) | |||||||||||||||||
v | Total Non-Cash Principal Activity | $ | (7,733,923.14 | ) | $ | (3,400,075.11 | ) | $ | (7,143,053.90 | ) | $ | (14,074,716.96 | ) | $ | (6,096,025.79 | ) | $ | (5,020,553.59 | ) | |||||||||
(-) | Total Student Loan Principal Activity | $ | 11,374,709.50 | $ | 14,211,240.26 | $ | 10,288,565.19 | $ | 1,968,248.89 | $ | 8,929,570.26 | $ | 14,933,126.14 | |||||||||||||||
Student Loan Interest Activity | ||||||||||||||||||||||||||||
i | Interest Payments Received | $ | 5,977,573.14 | $ | 5,659,640.74 | $ | 5,709,448.24 | $ | 5,331,516.12 | $ | 5,278,543.75 | $ | 7,321,995.25 | |||||||||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 53,213.19 | 22,760.31 | 23,997.03 | 4,181.44 | 10,839.32 | 5,216.47 | |||||||||||||||||||||
iii | Other Servicer Reimbursements | 0.01 | 2,360.70 | 1.58 | (26.40 | ) | (51.74 | ) | 0.07 | |||||||||||||||||||
iv | Seller Reimbursements | 1,714.22 | 4,145.35 | 460.67 | 367.14 | 468.06 | 8,882.55 | |||||||||||||||||||||
v | Late Fees | 76,828.01 | 65,382.33 | 66,703.72 | 48,241.84 | 45,213.15 | 69,417.72 | |||||||||||||||||||||
vi | Collection Fees | — | — | — | — | — | — | |||||||||||||||||||||
viii | Total Interest Collections | 6,109,328.57 | 5,754,289.43 | 5,800,611.24 | 5,384,280.14 | 5,335,012.54 | 7,405,512.06 | |||||||||||||||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
ii | Capitalized Interest | 7,272,975.84 | 3,281,180.36 | 6,549,770.46 | 12,602,082.87 | 5,599,582.19 | 4,391,385.55 | |||||||||||||||||||||
iii | Other Interest Adjustments | 3,761.68 | 15,890.58 | 26,748.44 | 12,334.20 | 57,820.00 | (11,117.42 | ) | ||||||||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 7,276,737.52 | $ | 3,297,070.94 | $ | 6,576,518.90 | $ | 12,614,417.07 | $ | 5,657,402.19 | $ | 4,380,268.13 | |||||||||||||||
v | Total Student Loan Interest Activity | $ | 13,386,066.09 | $ | 9,051,360.37 | $ | 12,377,130.14 | $ | 17,998,697.21 | $ | 10,992,414.73 | $ | 11,785,780.19 | |||||||||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 904,088,548.47 | $ | 915,463,257.97 | $ | 929,674,498.23 | $ | 939,963,063.42 | $ | 941,931,312.31 | $ | 950,860,882.57 | |||||||||||||||
(+) | Interest to be Capitalized | $ | 37,997,502.05 | $ | 40,397,122.73 | $ | 38,468,568.88 | $ | 39,829,607.08 | $ | 46,612,526.83 | $ | 45,954,342.67 | |||||||||||||||
(=) | TOTAL POOL | $ | 942,086,050.52 | $ | 955,860,380.70 | $ | 968,143,067.11 | $ | 979,792,670.50 | $ | 988,543,839.14 | $ | 996,815,225.24 | |||||||||||||||
(+) | Cash Capitalization Account Balance (CI) | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | |||||||||||||||
(=) | Asset Balance | $ | 1,000,588,600.52 | $ | 1,014,362,930.70 | $ | 1,026,645,617.11 | $ | 1,038,295,220.50 | $ | 1,047,046,389.14 | $ | 1,055,317,775.24 |
15
XVIII. 2003-A Payment History and CPRs
Distribution | Actual | Since Issued | ||||||
Date | Pool Balances | CPR * | ||||||
Jun-03 | $ | 996,815,225 | 2.20 | % | ||||
Sep-03 | $ | 988,543,821 | 2.41 | % | ||||
Dec-03 | $ | 979,792,671 | 2.63 | % | ||||
Mar-04 | $ | 968,143,017 | 2.63 | % | ||||
Jun-04 | $ | 955,860,331 | 2.62 | % | ||||
Sep-04 | $ | 942,086,001 | 2.68 | % |
* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
16